Market Introduction
Functional shots are nonalcoholic beverages typically available in a wide range of varieties, and are customized to provide the desired quantity of carbohydrates, electrolytes, minerals, vitamins, dietary fibers, and probiotics. A few of the widely available functional shots are sports and energy drinks, yogurt, enhanced water, fruit juice, and ready-to-drink (RTD) teas. They are made by using ingredients such as onion, ginger, black pepper, beetroot, garlic, mushrooms, and algae.
Functional shots are gaining popularity among individuals and athletes participating in physical fitness activities. The millennial population are showing a strong interest in sports, as well as they have a tendency toward fitness, more purchasing power, and a desire to buy healthier goods. In the recent years, people have been increasingly inclined toward physical fitness; therefore, the number of health clubs and fitness centres is increasing significantly. The rising number of fitness centres is one of the factors driving the demand for functional shots. Many millennial customers are becoming health-conscious when it comes to consuming soft drinks or any other drink. As a result of the highly reported backlash against sugar, consumers are becoming increasingly aware of the advantages and consequences of the products used in their beverages. All these factors are bolstering the growth of the US & LATAM functional shots market.
Market Overview and Dynamics
The US & LATAM functional shots market was valued at US$ 2,309.25 million in 2019 and is projected to reach US$ 3,465.42 million by 2027; it is expected to grow at a CAGR of 5.2% from 2020 to 2027. The rise in popularity of the functional shots has motivated the manufacturers to boost the production volume and undertake investment in research and development and new product development of functional shots with an exotic taste that could suit consumer needs. The rise in industrial field expenditures and increasingly intense competition, and the growing adoption of functional shots as healthy drinks have driven the demand for new product launches. The key manufacturers have been financing on this opportunity by packaging their products more conveniently to make them easier to consume on the go and increase shelf life. The factors such as flexible products matching consumer needs, innovative concepts, and busy lifestyles are anticipated to benefit market growth. Besides, the key players in the market are launching new products with a unique combination of organic or natural ingredients, which is further boosting the demand of functional shots in the market. Manufacturers are experimenting with several elements, texture, flavour, and nutritional ingredients. For instance, In March 2020, Vive Organic launched two varieties of 100% organic functional shots under the brand names Electro Restore and Energy + Focus. The company says that these shots contain more electrolytes than the luxury sports drinks. In addition, such materials are known to be rich in magnesium and trace minerals. As more audiences become familiar with health benefits, functional shots manufacturers will have the opportunity to partner with qualified creators to deliver flavours from all over the world to their consumers in the US.
Key Market Segments
Based on product type, the US & LATAM functional shots market is segmented into energy, immunity, detox, and others. The energy segment led the market with the largest share in 2019. Based on distribution channel, the US & LATAM functional shots market is segmented into hypermarkets and supermarkets, convenience stores, online, and others. The convenience stores led the US & LATAM functional shots market with a highest market share in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the US & LATAM functional shots market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Boise Juice Co.; Ethan's; Hawaiian OLA; KOR SHOTS; Lumen; LXR Biotech, LLC.; Project Juice; Sofresco USA; SUJA LIFE, LLC; and Vive-Organic, INC.
Reasons to buy report
US & LATAM FUNCTIONAL SHOTS MARKET SEGMENTATION
By Country
Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 2,309.25 Million |
| Market Size by 2027 | US$ 3,465.42 Million |
| CAGR (2020 - 2027) | 5.2% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Product
|
| Regions and Countries Covered |
US and LATAM
|
| Market leaders and key company profiles |
|
The US and LATAM Functional Shots Market is valued at US$ 2,309.25 Million in 2019, it is projected to reach US$ 3,465.42 Million by 2027.
As per our report US and LATAM Functional Shots Market, the market size is valued at US$ 2,309.25 Million in 2019, projecting it to reach US$ 3,465.42 Million by 2027. This translates to a CAGR of approximately 5.2% during the forecast period.
The US and LATAM Functional Shots Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the US and LATAM Functional Shots Market report:
The US and LATAM Functional Shots Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The US and LATAM Functional Shots Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the US and LATAM Functional Shots Market value chain can benefit from the information contained in a comprehensive market report.
Please tell us your area of interest
(Market Segments/ Regions and Countries/ Companies)
E 1803, Panchshil Towers,
Wagholi, Haveli,
Pune - 412207,
Maharashtra, India
US:+16467917070
sales@businessmarketinsights.com
Get Free Sample For US and LATAM Functional Shots Market
